When you walk by a pawn shop here in New York City, you will probably see signs about how they buy gold and gold jewelry. This can make some people wonder whether or not the pawn shop works with other precious metals. Pawn shops frequently buy gold and diamond jewelry because of the clear value of those metals and stones. But many pawn shops also buy silver and platinum jewelry. That said, the best thing to do is call ahead if you are thinking about selling or pawning an item. Your pawn shop can quickly tell you whether or not they will provide a loan or buy the item.
Who Buys Used Silver Jewelry in NYC
There are three main options for selling silver jewelry in NYC. Pawn shops are often your best bet since they evaluate the jewelry based on the value of the metal and not the actual value of the jewelry itself. So if the piece is broken, scuffed, or scratched, they may still buy it because they don’t have to worry about selling it as jewelry in the future if they plan to melt it down. Some jewelry shops do buy used jewelry, but it requires that the jewelry have value as a piece of jewelry. Similarly, online sites allow you to sell to local buyers in the area, but you often have to waste time and figure out a price you both can agree on. For this reason, the most convenient way to sell used jewelry is to work with a local pawn shop that can quickly evaluate your piece and buy it.
What Impacts How Much Silver Jewelry is Worth?
Pawn shops typically offer a percentage of a piece of jewelry’s melt value. Melt value is determined by current silver prices. However, in some cases, if the piece is highly resellable because it is from a luxury designer, they may base their evaluation on the retail value instead. But for the most part, the most important things to know about jewelry are the purity and weight. For example, sterling silver jewelry is made of 92.5% silver and 7.5% alloy metals. This jewelry is often stamped with a .925 stamp. If your jewelry is sterling silver, you can multiply the weight in grams by 0.925 to get an idea of how much pure silver you have.
Can I Sell Broken Silver Jewelry?
While ordinary people won’t buy broken jewelry from online marketplaces, and jewelers will also rarely shop for broken jewelry, pawn shops will purchase it. Because pawn shops focus on the melt value of the jewelry, they are much more likely to make an offer on broken pieces.
Sell Jewelry in New York City
If you live in the Bronx, Paradise Pawn has two shops where we buy, sell, and provide loans for a variety of items, including jewelry. Visit our shops in person, or give us a call for more information.